Today, a significant portion of every country’s economy depends heavily upon its e-commerce industry’s performance. In the digital era, online business is a vital organ of the global trade system. It is a source of employment for millions of people, contributing to more than 45 percent of its GDP in the US alone. Moreover, during the economic crisis caused by the global pandemic, COVID-19, unlike other business industries, the digital business industry sustained itself well, with a strong recovery over time. However, a significant fall-out in employment plus decreased demand for luxury/unprocessed goods has primarily affected the retail industry, causing hundreds of brands and outlets to retire untimely. These dramatic patterns in market trends worldwide have made it more challenging for businesses to establish a robust online presence against their potential competitors. Consequently, the knowledge and implementation of marketing trends to set your business apart from others are crucial than ever before.
This article will be about key marketing trends in the digital world and how we can incorporate them into our business practices to influence a success story.
SAC the Marketing Processes
No industry could escape the SAC (Social Media, Analytics, Cloud) revolution. However, the only way to survive this is to integrate its usefulness with your marketing strategy. Competitors’ analysis has become a necessary component in modern marketing due to the digitalization and ever-expanding informatics. Thus, the requirement to use the latest tools to see your competitor’s website traffic becomes evident. It is imperative to fine-tune regional targeting and learn about consumer behaviors.
On the other hand, analytics tools such as Google Analytics and others also enable marketing professionals to know any region’s popular choices and demography. This way, customer satisfaction becomes apparent. Furthermore, the proper use of cloud systems saves huge IT expenditures for organizations to host their Quality Management Systems on any private cloud. This system is exponential for stores that have multiple outlets within or beyond their local region. With Cloud, they can manage and evaluate their processes from anywhere at any time.
Quality Centric Marketing
Nowadays, customers are in the hunt for both quality and saving. They want to make the smartest choice and gain the optimum value for their money. Even in a recession, people less likely to compromise on value goods. Due to the corporate industry’s extravagant quality-centric marketing, customers avoid purchasing a cheap product just because it is less expensive. Hence, market players need to put a balanced and innovative blend of price and quality. Quality has become a priority for a significant chunk of customers in Europe and the U. S.
Market Your Brand through Disruptive Innovation
The term ‘disruptive or radical innovation’ was invented by Clayton Christensen, which refers to introducing something disruptive in the market that could ultimately outperform its veterans.
Disruption initiates when a vacuum for a specific need arises, particularly something in which a segment of the audience has been overlooked. A company aspires to fill that gap by offering something that creates convenience and increases affordability for the population, initially ignored.
The success story of Netflix is a prime example of Disruptive Innovation.
Netflix made a very humble start by supplying DVD mail-outs. It aimed to offer a much convenient and cost-effective product to a segment of the unheard market. It targeted the audience that was movie freaks but not much into the new releases. They surgically hit the unique niche.
On the contrary, Blockbuster never felt any exclusive threat from Netflix, considering it to be operating in an entirely different realm.
Soon after achieving the initial breakthrough, Netflix showed its ace by disrupting its entire business model and eventually broke into the video streaming industry. The radical move had put Netflix in a punching distance of Blockbuster, and not surprisingly, Netflix finished with a knockout. Netflix’s roaring success proved how disruptive marketing and innovation could render a big win if tapped into the right market with the right USP.
Market Your Certifications
One of the trends gaining rapid momentum in the marketing realm is acquiring quality certifications from various authorized institutions and state governments. Although this trend does not confine to a particular industry, it preserves tremendous importance for the e-commerce sector. It mostly deals with goods of daily use. The practice is already gaining popularity in the leading B2C e-commerce companies. It would soon ramp up the competition in every B2B sphere.
The term target marketing is narrowing daily to augment more precise tools and marketing techniques, such as personalized marketing. Personalized marketing enables a digital business to develop more consumer-centric & generic ads, which give them an immediate sense of relativity. It evolved its way into the modern marketing arena as traditional means of marketing became less effective in enticing the consumers to perform a purchase.
A research survey conducted on 1000 people revealed numbers of lead conversions through personalized marketing. More than eighty percent of users agree that they would opt for a company that offers a customized experience.
However, the new personalized marketing tools such as BigCommerce are a thing beyond old-school email marketing. These tools have segmented lists containing a tremendous amount of data based on customer preferences, behavioral patterns, and other vital elements you target via generic emailing.
Anyone associated with digital marketing is familiar with Google Ads and automation. However, Google has recently updated its bidding feature with enhanced AI, making smart bidding a new norm. Not only that, social media giants such as Facebook are now also relying on extensive machine learning to optimize ads’ reach. Currently, the process takes a bit of time, but the results are conversion-centric and long-lasting.
The features of smart bidding enable users to select optimum actions at different stages of a marketing campaign. It also allows them to change bids automatically depending on the state of sales, saving a fair amount of budget on fruitless campaigns.
With the pace at which tech tools are evolving in every sphere, marketing will soon rely heavily on machine learning, big data, and artificial intelligence. Thus, it becomes equally important to keep yourself updated with the incoming trends and make the best use of the latest technology in marketing. Otherwise, ever-changing algorithms and rising levels of saturation in digital businesses will leave you rows behind the brand’s race.